China’s Property Crisis Is Rippling Through Its Biggest Banks
China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.
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China’s protracted property downturn is eroding the balance sheets of the nation’s largest state banks as their bad loans creep up.
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Mar 6, 2018
Four people are facing charges in connection to what the Toronto Police call a case of “sophisticated and complex mortgage fraud” dating back to the Spring of 2013.
Forty-eight-year-old Arash Missaghi of Richmond Hill, 45-year-old Grant Erlick of Toronto, 48-year-old Masumeh Shaer-Valaie of Richmond Hill and 53-year-old Bob Bahram Aziz Beiki of Toronto are scheduled to appear in a Toronto court Tuesday to face a slew of charges alleging they defrauded lenders to the tune of $17 million.
The operation, which Toronto Police dubbed “Project Bridle Path” after a tony neighbourhood in uptown Toronto, was launched five years ago to dig into what the police allege was a fraud involving several high-end properties.
The police allege the quartet falsely introduced individuals and companies as owners of properties, misrepresented mortgages to lenders, and used false insurance certificates in an attempt to lend a veneer of legitimacy to the transactions.
None of the allegations have been proven in court.